KUALA LUMPUR: Stocks to watch for on Monday include Straits Inter Logistics, Pintaras Jaya
, Sapura Energy, Eastern & Oriental and Westports, according to JF Apex research.
The research house highlighted that Straits Inter Logistics is acquiring a 38% stake in Hong Kong bunker trader Banle Energy International Ltd for RM15mil via issuance of new shares at 23.5 sen/share.
The group has signed a Heads of Agreement with Banle to explore potential business cooperation and/or collaboration opportunities to further expand their oil bunkering business geographically.
Pintaras Jaya has bagged an RM45mil contract from China Construction (South Pacific) Development Co Pte Ltd to undertake piling works for a proposed eight-storey industrial factory in Singapore.
Sapura Energy has sealed a deal to divest half of its wholly-owned exploration and production (E&P) unit Sapura Upstream Sdn Bhd to Austrian oil and gas (O&G) outfit OMV Aktiengesellschaft (OMV) for US$540mil, of which part of the proceeds will be used to repay its debt.
Eastern & Oriental has posted a 4% y-o-y drop in 2QFY19 net profit on lower revenue, higher finance costs, and shared losses from a joint venture.
Westports reported a higher 3QFY18 net profit, rising 17% yoy thanks to higher gross profit and lower finance cost.
Last Friday, US markets fell as oil prices triggered anxiety over prospects of a global economic slowdown.
European markets also declined following the US Federal Reserve's stance on interest rate hikes and concerns over Brexit.
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